okanagan.bc.ca/financialaid

Financial Aid & Awards

Financial Aid & Awards

okanagan.bc.ca/financialaid

Financial Aid & Awards

•Financial Planning

•Scholarships & Bursaries at Okanagan College

•Awards Through Other Organizations

•BC – Canada Loan Integration

•Student Loans Full-Time

•Student Loan Repayment

•Student Loans Part-time

•Interest Free Status

okanagan.bc.ca/financialaid

Financial Planning Principles

• Careful planning – saving money

• Applying Early – Scholarships & Bursaries, etc.

• Good budgeting – finite resources for tuition &

living expenses – Financial Consumer Agency of

Canada

• Frugal spending – needs vs. wants

okanagan.bc.ca/financialaid

Scholarships, Bursaries and Awards

• Scholarships: Academic Performance

• Bursaries: Financial Need

• Awards and Prizes: Specific Eligibility Criteria

okanagan.bc.ca/financialaid

Okanagan College Entrance Awards

Financial Aid & Awards Website – okanagan.bc.ca/financialaid or

follow links through the Become a Student pages

• Entrance Awards – Check Awards Search for details & deadlines • Okanagan College President's Entrance Scholarships (applications will

be available in January 2012)

• Okanagan College Community Spirit Entrance Awards (applications will

be available in January 2012)

• Adult Academic & Career Prep/ESL Okanagan College Entrance

Scholarships – must apply

• Mature Student Okanagan College Entrance Scholarships – must apply

• SIDIT – Southern Interior Development Initiative Trust Awards for 1st

Year Trades & Technologies – Check Awards Search for

eligibility/deadline

okanagan.bc.ca/financialaid

Okanagan College Awards For continuing students

Financial Aid & Awards Website – okanagan.bc.ca/financialaid or

follow links through Current Students pages to Student Services. Use

the Award Search to find awards for continuing students.

• Okanagan College Tuition Bursaries – must apply

• Okanagan College Academic Achievement Scholarships – no need to apply

• Donor scholarships and bursaries – must apply

• Aboriginal Student Bursaries/Okanagan Nation Student Bursaries/Shuswap Nation Student Bursaries - must apply

• Emergency Funding – Application form available from Financial Aid Office, conditions apply.

okanagan.bc.ca/financialaid

• High School or School District

• Provincial - www.StudentAidBC.ca

• Ministry of Education BC www.bced.gov.bc.ca/awards

• Federal government www.canlearn.ca

• Employers, unions, clubs or organizations

Awards Through Other Organizations

AWARDS SEARCH SITES

• StudentAwards.com - Have to sign up asks questions

about what level you are applying for –matches your

background and interests to funding opportunities

• ScholarshipsCanada.com – Is an educational site for

students to find scholarships, student awards, bursaries

and grants. You can also sign up to this website so you can

create saved scholarship searches based on your profile

information.

okanagan.bc.ca/financialaid

Student Aid BC government student loans and grants

One online application at StudentAidBC to be considered for:

• Government student loans

• Canada Student Grant for Students from Low Income or Middle Income Families

• Canada Student Grant for Students with Permanent Disabilities

• Canada Student Grant for Low Income Students with Children Under the Age of Twelve

• BC Access Grant for Students with Permanent Disabilities

• BC Supplemental Bursary for Students with Permanent Disabilities

okanagan.bc.ca/financialaid

Student Aid BC - Quick Tips

• Apply early, 2011/12 online application was available from June 1, 2011. The 2012/13 application year will likely be available from June 2012 – check StudentAidBC Website for details.

• Complete one online application for each semester of study unless you are in a vocational program.

• Government pays interest on student loans while enrolled in full-time study; no payments are required until 6 months after completing or leaving full-time study, however interest begins to accumulate immediately after completing or leaving full-time study.

• Students don’t have to be formally admitted to their program or school before applying for government student loans and grants.

• Parental income may be taken into consideration.

• Parent’s must be designated in the Information Release section of student’s StudentAidBC application to allow Financial Aid staff to talk to them.

okanagan.bc.ca/financialaid

Student Aid BC - Quick Tips

New for 2011/12

Integrated Canada & BC Student Loans The governments of Canada and BC have integrated their full time student

financial assistance programs - Canada Student Loans and StudentAid BC -

to simplify the borrowers' experience.

No more managing two student loans

Integration will simplify the management of your federal and provincial student

loans. These loans will be managed as a single Canada – BC integrated loan

at the National Student Loans Service Centre (NSLSC).

As of August 1, 2011, you will sign a joint federal-provincial loan agreement.

Check the status and balance of all your loans at the NSLSC.

As of July 2012, if you're in repayment you will make one monthly payment

towards your integrated loan. Check the status and balance of all your loans at

the NSLSC

For more details about integration, please visit the StudentAidBC Website

okanagan.bc.ca/financialaid

Student Aid BC - Quick Tips

• Motor-vehicles – 2011/12 Allowances – $15,000 exemption currently applied to resale value of motor-vehicles owned by

applicant.

– $325 per month payment exemption for leased vehicles

• Application information is subject to audit by the Ministry.

• Must be registered in at least 60% of a full course load (students with a permanent disability may study at 40% of a full course load) – check with Financial Aid office at your school.

• Audited and previously passed courses are not counted toward 60% course load.

okanagan.bc.ca/financialaid

Borrowing Limits

Can I borrow as much as I want? No!

2011/12 weekly maximums

•If you do not have dependent children, you can receive up to $320 per week of

full-time study.

•If you have dependent children, you can receive up to $510 per week in

combined loan and grant funding.

•The total amount you receive is determined by the length of your study period.

NOTE: Not all students receive the maximum amount of funding

(Amounts below as of 2011/12 program year)

okanagan.bc.ca/financialaid

Student Aid BC Re-assessments & Appeals

• Make an appointment to see a Financial Awards Assistant, located in the Welcome Centre, 1-800-767-5492.

• Awards can be analyzed and help provided to see if you can reassess or there are grounds for an appeal to increase award, or discuss alternate forms of funding, i.e. bank student line of credit with parent co-signing.

What if I don’t get enough money from Student Aid BC?

okanagan.bc.ca/financialaid

How do I receive my Student Loan?

• Once your loan has been assessed, you will be mailed a MSFAA (Master Student Financial Assistance Agreement).

• You must complete and return the MSFAA including banking information as soon as possible and take it to a designated postal outlet immediately – do not wait until classes start.

• You will not be sent a MSFAA every semester, but you may have to renew your agreement if there is a break in study of more than 2years.

• Before your study period start date Student Aid BC will request confirmation of enrolment from Okanagan College (as long as your MSFAA has been received by NSLSC), once this is confirmed monies will be disbursed into your bank account on or after the first day of classes, clearing times may vary depending on the financial institution.

okanagan.bc.ca/financialaid

How do I receive my Student Loan?

Continued…

• Some grants & bursaries will still be mailed as a cheque. These include: BC Access Grant & BC Supplemental Bursary for Students with Disabilities.

• Fee Payment Deadline & Students Receiving approved Government Student Loans – If approved Financial Aid will flag your student account (can be viewed in your myOkanagan account). Outstanding Fees must be paid within 2 days of receiving Loan Monies.

okanagan.bc.ca/financialaid

Students currently have 2 lenders to repay for loans issued prior to August 1st 2011

Canada Student Loan (Federal government) National Student Loan Service Centre 1-888-815-4514

BC Student Loan (Provincial government) BC Student Loan Service Bureau 1-877-535-7680

Students must inform both lenders, through their service providers, when they have a change of address to avoid being sent to a collection agency.

NOTE: as of July 2012, if you're in repayment you will make one monthly payment towards your integrated loan. Check the status and balance of all your loans at the NSLSC

Who do I owe?

okanagan.bc.ca/financialaid

How much will it cost to pay back?

Debt 1 Debt 2 Debt 3

Debt Level $10,000 $30,000 $50,000

Floating rate:

Prime 3% + 2.5%

$115.92 $347.76 $579.61

Total Amount

Payable

$13,215.05 $39,645.15 $66,075.25

How much will monthly payments be over 9.5 yrs. if prime rate is 3%?

See the Debt Repayment Estimator at: Canlearn.ca

okanagan.bc.ca/financialaid

Canada Student Loan Repayment Assistance Plan

• For students whose 6 month payment-free after study period has ended, who are unemployed or have low income.

• Phone the NSLSC and request information and check eligibility for Repayment Assistance Plan (RAP), to keep your student loan in good standing. Must Apply.

• If eligible, payments will be reset to

income-based payments rather than

debt level payments.

okanagan.bc.ca/financialaid

Canada Student Loan Repayment Assistance Plan

Cont…

• Students in the RAP have a maximum repayment period of 15 years, with the government helping to make some of the payments.

• Students with permanent disabilities can request RAP-PD, if eligible they will have a maximum 10 year repayment period.

More info on Canlearn website

okanagan.bc.ca/financialaid

BC Student Loan Debt Management Measures

• Interest Relief – extension of interest and payment free period

• Other possibilities to keep BC Student Loans in good standing, go

to: www.bcslservicebureau.com

• Must call BC Student Loan Service Bureau to arrange debt

management measures.

NOTE from July 2012 – Repayment Assistance Program will

replace the Interest Relief Program (offered in BC) and will

be administered by the National Student Loans Service

Centre (NSLSC) Canlearn.ca . Other programs such as Loan

forgiveness will continue to be Administered by BC.

okanagan.bc.ca/financialaid

Part-Time Study Grants & Loans

• Available for study at 20% to 59% course load (Maximum 6 credits).

• Part-time study grant available for low income (up to $1200 per year)

• Student Loans are available for Part-time Study for students with

middle income, BUT conditions are different to Full-Time. You can

choose to only receive grant.

Income table for 2010/11

okanagan.bc.ca/financialaid

Part-Time Study Grants & Loans

How to Apply

• Paper application form, available to

download at Student Aid BC

website.

• Return completed form to Financial

Aid & Awards, KLO Campus.

• A notice of assessment will be

mailed to you from StudentAidBC,

with your Grant and/or loan

documents.

• Grant and/or loan documents must

be taken to a designated postal

outlet.

okanagan.bc.ca/financialaid

Interest Free Status

If you decide that you do not need a loan but have

previous student loans, you can apply for interest free

status, while you are studying full-time.

• Application form available on-line – StudentAid BC

• Should apply before study period start date, interest

free status will not be backdated. Status will be

effective as of the application date applied. Any interest

accrued must be paid.

• Must apply each semester of study.

okanagan.bc.ca/financialaid

Things To Do

Research Use the web and personal contacts to look for available opportunities

Remember to check eligibility criteria

Apply Check deadline dates – Apply early

Make sure you provide all the required information and/or documentation

Support If you need assistance there is always help available from the Financial

Aid & Awards team for all areas of student finances

okanagan.bc.ca/financialaid

Contact Us

• financialaid@okanagan.bc.ca

• Kelowna Campus 1000 KLO Road Kelowna, B.C. V1Y 4X8 Telephone: (250) 862-5419 Toll Free number: (within B.C. only) 1-800-767-5492 Direct lines to the Kelowna office are located in the administration offices at the Penticton, Kalamalka, and Salmon Arm campuses.

• Hours of Operation September to April: Monday to Friday, 8:30 a.m. to 4:30 p.m. May to August: Monday to Friday, 8:00 a.m. to 4:00 p.m.

• Appointments Available Year Round